Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Here is the answer. It’s neither good nor bad. In fact, I don’t think your loan was sold. You see, most loans were packaged up and sold to Fannie Mae, Freddie Mac, or Wall Street.

James’s loan was more than likely packaged up and sold off. I asked him who his original lender was. He said it was a company called First Magnus. (First Magnus declared bankruptcy in 2007 and was afterwards closed.)

The Stop Foreclosure Institute has negotiated short sales on loans that were originally with First Magnus. The last one was sold to a large Wall Street Firm and securitized.

That means James’s loan could be owned by anyone. More than likely it is owned by Fannie Mae or Freddie Mac. If not, then it was probably sold to a Wall Street Firm.

The owner of the loan hired CitiFinancial to act as their front man. That means Citi collected the payments, handled escrows and accounting, and manages debt collections and foreclosures.

More than likely Nationstar did not buy the loan. Instead whoever owns the loan hired them to act as the front man instead of Citi.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great tips and info on Chicago and West Town short sales www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in West Town, Chicago. West Town Loan Modification Help. West Town Short Sales. West Town Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. West Town Realtor.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in West Town Illinois. West Town Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.  We know West Town Short Sales. I am a West Town Short Sale Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Phil Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Question from homeowner: My lender just sold my loan. Is that a good thing is provided as a courtesy to our viewers to help them make informed decisions

Servicers completed just 28,000 permanent HAMP mods during the month of September, 16 percent fewer than the previous month.  More than half of all mortgage mods initiated under HAMP have been terminated, but officials say the program’s “rigorous standards” mean better post-mod performance.

To me this says that banks are leaning toward foreclosure more than ever and/or short sales.  Seeing that foreclosure are being hampered by the “robo signer” fiasco, it opens the short sale window for sellers that need to move or have a hardship.

Here is a recap from the Illinois Association of Realtor’s website (which I am a member) regarding what Lisa Madigan, Illinois’ Attorney General, is after.

The investigation comes days after GMAC, the lender now known as Ally, Bank of America and JP Morgan Chase – some of the nation’s largest loan servicers – admitted their employees signed off on thousands of foreclosure affidavits without having personal knowledge of the facts involved and without verifying the underlying loan information.

Today’s announcement follows Madigan’s letters to GMAC/Ally, Bank of America and JP Morgan Chase demanding a halt to all pending foreclosures in Illinois, including post-foreclosure sales and evictions, in the wake of this growing dilemma.

Last week Madigan also demanded 23 additional loan servicers provide her office details on the fairness and accuracy of their foreclosure procedures and immediately suspend pending foreclosure actions in Illinois unless they can demonstrate the filings are accurate.

The Attorney General has also proposed legislation to ensure the integrity of documents filed in foreclosures. Her bill would ensure each homeowner know the amount they owe, who owns their loan, the terms of their original loan and whom they can contact. Specifically, the proposed legislation would require servicers to:

• Provide borrowers with a verified and accurate amount owed and a payment history to ensure borrowers are given proper credit for all payments;
• Detail the steps taken to verify the accuracy of the information contained in the affidavit to prevent the filing of false affidavits not based on personal knowledge;
• File a copy of the original note with the foreclosure complaint so that borrowers clearly know the terms of their contract with their lender; and
• Ensure that the named plaintiff is the legal owner of the loan and has the right to foreclose on the homeowner.

Madigan has additionally asked Washington lawmakers to support the re-introduction of legislation drafted by U.S. Sen. Richard Durbin, D-Ill., to permit bankruptcy court judges to reduce principal amounts on mortgages and thereby save homes.

Attorney General Madigan has been at the forefront of protecting Illinois homeowners during the mortgage foreclosure crisis and holding Wall Street banks accountable. In 2008, she led a nationwide $8.7 billion settlement with Countrywide over its predatory lending practices. The Attorney General has also filed suit against both Wells Fargo and Countrywide alleging widespread discrimination against African American and Latino borrowers and causing them to pay disproportionately more for their mortgages than other borrowers.

Madigan urged homeowners to visit her Web site, www.IllinoisAttorneyGeneral.gov, for resources available to assist homeowners in crisis. Included on the site is her Illinois Mortgage Lending Guide, a resource manual containing step-by-step instructions for those struggling to make their loan payments and a list of HUD-certified counseling agencies that offer default counseling services. Homeowners who do not have easy access to the Internet should call the Attorney General’s Homeowner Helpline at 1-866-544-7151 to quickly receive the guide or the brochure by mail.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Ukrainian Village West Town Illinois. Ukrainian Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Ukrainian Village Short Sales. I am a Ukrainian Village Short Sale Realtor.  Chicago IL Short Sales. Ukrainian Village Realtor.

Short Sales Gain Steam as Lisa Madigan/Illinois Now Is Jumping On The Wagon – Lenders Watch Out

You have to talk to people in other countries where English IS NOT their first language. The people at the lenders treat you like dirt.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

In addition, they pretend to love their customers. While you are waiting on hold for two hours to talk to someone, you get to hear the recording, “We at ABC Lending love our customers. We want to provide the best customer service in order to earn your business.”

If you have experienced this, then you know how frustrating it is. But, why go thru the whole experience? Is it really worth the stress?

I don’t think so. Most loan modification do not reduce your payment. Some do, but the reduction usually doesn’t reduce the payment near the fair market rent. As a result, many homeowners limp along with a loan modification they can barely afford.

Little do they realize that they could go rent a similar home for less money. Here is one example of this. A homeowner gets a loan modification from her lender.

She borrows money from family for the upfront payment. Then, she suffers for a year while she pays a payment that is more than she can afford. She has to work extra hours and some night shifts.

Money is so tight she can barely afford to pay for food. Little does she know that she could rent a similar house for 30% less per month.

I see this story happen more often than not. People don’t realize how competitive the rental market is today. They also don’t know how much better off they will be mentally. If you are experiencing a loan modification horror story, then stop.

Take a look around. You do have options. There may be another home you and your family can rent. Then you can short sale, wipe out the upside down debt, and move on with your life.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog to view all my article for great tips and information on short selling in Chicago www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in short sales in West Town, Chicago Illinois. West Town Short Sales. West Town Short Sale Realtor. West Town Chicago IL Short Sales. West Town Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: How Do I Get Back On My Feet After A Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

There is a fog sculpture to keep you cool in summer.

There is a wonderful dog park.
The cement is dog friendly.. and I like it best because my dogs nails get worn down so I don’t have to clip them as she plays.
There is a hose at the ready to clean up too. And, the turf grass keeps the car clean – since there is no mud.

I like the diagonal pathway. It is a nice clean feeling… and it creates more green space.

Diagonal Walk Cuts Across Park

The designers of this park: Chicago’s Site Design Group, worked closely with the West Loop Community Organization, which polled neighbors and decided against a baseball diamond, against any skating area, etc. The result is great. It’s mounds, and sunken areas to escape the sounds and business day. It’s many condo owners “yard” now and the various “spaces” defined by the mounds create those personalized little vistas and hideaways.

My only complaint is the lack of more trees. No orchard type fill in. I hope they work on this. The little cluster of birch or ash trees in the south east part of the park is a nice effort but more tress–many more should be planted soon.

It’s funny because if you walk north or south immediate of this block the average single family home is in the $500k plus range. Well gentrified and developed blocks.

What if you could help stop 41 deaths a year in Chicago from air pollution?  What if you could help 18,000 cases of Asthma be relieved in Chicago?  What if you could help stop two of the largest single carbon monoxide pollution sources in Chicago by lobbying your Alderman?  Those of you on the North Side may not know that the power plants at Fisk and Crawford are polluting your air.  Your bad days of breathing, well, just blame the plants in Pilsen and Little Village.  If you have asthma, all of a sudden, thank Midwest Generation.  These plants are from 1914 and are not anywhere near the state of the art technology.  They are old, dirty coal burners dumping fine particulates all over our city that can immediately enter your blood stream they are so small.  They are smog producers and climate warmers.  There is both a health issue here and a climate warming issue.  And intertwined is an environmental justice issue.

If these plants were located in Wicker Park do you think they would still be open?  I think not.

Well this is your time.  The Chicago Clean Power Ordinance is before the city council and it’s growing in support and we must continue the momentum.  Call your Alderman, because chances are out of the 13 that have signed on as of July 21st, yours is one of the 37 who have not signed on.

If your Alderman is one of the “bad” ones like Dick Mell, Aldreman Solis or Munoz call them and ask them, How can you be on the wrong side of history and environmental justice on this one?

My office is literally 5 blocks east of Fisk station at 2202 S. Halsted.  I was diagnosed with Asthma this year.  I carry my trusty inhaler with me.  I honestly believe that my eight years in Pilsen have caught up with me.  The environmental injustice this community is treated with, has now impacted me directly.

I don’t know how Alderman Solis can have a clear conscience, not being a leader out-front on this issue.

Now I can understand Dick Mell, the rules committee chair who is sitting on this ordinance.  Or Ed Burke, who is likley upset that he didn’t get to sponsor this one like the one that went down in flames in 2002.  But how can you rationalize Alderman Solis’ opposition?  He lives here.  His family does.  His friends.  His community inhales this pollution first, they are the closest to it. And they have a lower median income than most other communities, which means he should be working that much harder to make sure they have a healthy environment and not a dirtier one.

Fisk and Crawford  coal power plants are two of eleven in the state.  What’s amazing is that these two coal power plants are the closest to this large of a population!

Other cities have built them farther away.  Others have closed them.  Not only are these two plants still operating, they  are completely outdated!

How they have been allowed to continue to dump their pollution on Pilsen, Bridgeport, McKinley park is a secret I would like to know.

Let’s try and put some daylight on that.  Could it be that Charlie Parnell, Midwest Generations lobbyist who is a co-host for Alderman Solis’ (25th ward Alderman) upcoming fundraiser, has gotten Alderman Solis and other Alderman like him so much money that they have just lost their minds?  Could it be that community groups like the Resurrection Project who rely on the Alderman to give/get them free city land to build affordable units on doesn’t want to upset the hand that feeds them?  How does the Resurrection project cry foul about “gentrification” and not about the single largest pollution source in their community!  They are not signed onto this ordinance as sponsors.  This is a group of churches and community leaders in Pilsen.  This is not right.  Someone needs to put some daylight on the connection between where the Resurrection project gets its funding/support and why they are not supporting the Fisk stations regulation and closure.

I know Alderman Solis.  I like him personally, so much so that I supported him in his last election and think he’s a thinker not a order taker.  He has been involved with UNO (which by the way what’s their position on the Clean Power Ordinance).  But you would think that driving around Pilsen each day the Alderman goes down Cermak and eyeballs those smokestacks and is concerned that the asthma rates are so high here.  You would think he has those 50,000 lungs on his mind under the age of 15 that live within a mile of this plant!

You would think that he would balance that 41 deaths a year that are caused by the power plants surrounding his community and might outweigh the 180 jobs that will be lost if these plants close (Midwest threatens this if they have to update the plants).

The entire area of West Town has seen price appreciation over the last year!  Real estate markets are local and continued news about properties losing value on a national level are completely meaningless for the most part.  Real estate is local and that’s where you should be getting your data.  Let’s face it, values in Vegas or L.A. don’t mean squat here.  If you want to know how the values of your property have held up over the last 2 years, give me a call at 312-953-6725 for a free CMA on your property.

The chart below shows the number of properties for sale, under contract and sold for the last 2 years in the entire neighborhood of West Town (MLS area 8024).  As you can see over a 2 year period there has been a 6% decrease in the value of sold condos and single family homes.  Compared to other neighborhoods across the city, that decline is actually very stable in today’s market.